Deutsche Bank, the main creditor of the Trump Organization, has reportedly decided to cut ties with the US president. After the invasion of the Capitol by his supporters, which resulted in the death of five people, many companies let go of Donald Trump and his relatives.
At the twilight of his reign, Donald Trump appears more and more alone. The violence that took place on Capitol Hill, which he is accused of having provoked, could earn him an impeachment procedure a few days before the end of his mandate. And, once he leaves the White House, the American billionaire’s return to business is not shaping up to be auspicious either.
According to the “New York Times”, the outgoing president, who will probably find the head of the Trump Organization, will lose one of his most important financial backers. Deutsche Bank would indeed have decided to cut the bridges, tired of the negative publicity generated by its links with the company. The blow is all the more severe as the German bank is currently its main creditor, with around 340 million dollars (280 million euros) in outstanding loans, maturing no later than 2024.
Deutsche Bank has not confirmed this information, but the message posted by its manager in North America on the social network LinkedIn seems to point in this direction. “We are proud of our Constitution and support those who seek to enforce it to ensure that the will of the people is respected and that a peaceful transition of power takes place,” Christiana Riley wrote last week.
Also dropped by Signature Bank, close to the Trump family
For Donald Trump, the troubles do not end there. On Monday, Signature Bank decided to close the personal accounts of the US president, who held just over $ 5 million there. Worse: the New York establishment, close to the Trump family for many years – Ivanka Trump, Donald’s daughter, notably sat on its board of directors – called for his resignation.
The tenant of the White House therefore risks paying dearly for the events of the Capitol. In recent days, several American companies have publicly condemned his attitude, some walking the talk. The online sales platform Shopify has closed official pages selling items bearing its image. The Internet payment service Stripe has decided to no longer manage transactions on its campaign site.
In addition, many companies have attacked Donald Trump’s political allies. Amazon, General Electric, AT&T, Dow, Comcast, Verizon, American Express, Airbnb or Mastercard have threatened to hinder fundraising by Republicans, who will soon be deprived of power in the White House and now in the minority in both chambers of the Congress . While JPMorgan Chase, Microsoft, Facebook and Google have, for their part, decided to suspend all political donations, both in favor of Republicans and Democrats.
Most donors cut funds either because the elected officials they were funding opposed the results of the presidential election, or because they went so far as to vote against the confirmation of Joe Biden’s election, as in the case of 22 elected Republicans in the House of Representatives supported by Amex. These large companies fear a degradation of their image both with their disgruntled employees and the general public.
The suspensions vary by company, reports a Financial Times article. Chemist Dow will no longer put in money for an entire electoral cycle, that is, two years for the House of Representatives and six years for the Senate. On the bank side, Citigroup is interrupting financial contributions for three months, JP Morgan Chase for six months and Goldman Sachs… until further notice. The flows will dry up for some time, but the next elections are not until November 2022.